France's Carrefour nominates Brazil's Diniz to board

viernes 18 de marzo de 2016 17:20 GYT
 

SAO PAULO, March 18 (Reuters) - Carrefour SA has nominated Brazilian billionaire Abilio Diniz, the French retailer's fourth-biggest shareholder, to become a board member, a statement from his investment company said on Friday.

In a statement, Península Participações said that Diniz's name will be submitted to a general shareholders assembly. The meeting will be held in May.

Diniz and his family, who own 5.07 percent of Carrefour through Península, will review their earlier decision to maintan their stake at that level. Although the statement did not make clear if they would increase or decrease their stake, it said Península "believes in Carrefour's growth potential and expects to help contribute to the development of the group."

The Carrefour deal, which was sealed late in December 2014, marked Diniz's return to retailing. Diniz is the eldest son of the founder of GPA SA, Carrefour's arch rival in Brazil.

In 2011, Diniz fell out with Casino Guichard Perrachon & Cie, his then-partner at GPA, after he secretly sought to broker a merger with Carrefour. The deal ultimately fell through, allowing Casino to take a majority stake in GPA.

Shares of Carrefour shed 0.8 percent to 23.875 euros on Friday. The stock is down 9.7 percent this year. (Reporting by Guillermo Parra-Bernal; Editing by James Dalgleish)